Following a pause last month of its equity crowdfunding campaign on StartEngine, XTI Aircraft announced it is once again accepting investments through the offering.
XTI is currently working on the aircraft called, the TriFan, which is described as a six-seat aircraft that will have the speed, range, and comfort of a luxury business aircraft and the abilities to take off and land vertically, much like a helicopter. The company noted that the TriFan will travel at over 300 miles an hour, with a range of 1,200 miles. Its two wing fans also rotate forward for notably seamless transition to cruise speed and its initial climb. It will reach 30,000 feet in just 10 minutes. Speaking about the campaign’s re-opening, Robert LaBelle, CEO of XTI, stated:
“We’re continuing our successful equity crowdfunding campaign after the U.S. Securities and Exchange Commission signed off on our annual update to the offering statement, as required by all companies making Reg A offerings that last more than a year. As a result of the substantial investments in XTI over this past year, we’ve been able to make great strides in our engineering on the hybrid-electric propulsion system, developing our first flying prototype which we plan to fly in about one year. We’ve also brought on board strategic partners, including Bye Aerospace and Honeywell Aerospace, and we will launch the program publicly at the annual National Business Aviation Association annual convention and trade show in Las Vegas next month.”
LaBelle went on to comment:
“Our offering on the StartEngine platform has provided a rare opportunity for hundreds of unaccredited and accredited investors to own a piece of the future of flight. The TriFan 600 which will transform air travel forever. We thank all of our investors as well as StartEngine for making this possible.”
Earlier this spring, XTI announced it received a written Notice of Allowance from the U.S. Patent and Trademark Office, issuing a utility patent for the TriFan. According to XTI, the Notice of Allowance granted all 20 technology “Claims” originally filed by XTI in its May 2015 patent application, which describe the mechanical operation and configuration of the TriFan. This is XTI’s second patent. The USPTO issued a design patent to XTI (D741247) in October 2015. In addition to the two patents, XTI has other extensive intellectual property and engineering data that it has developed over the past four years on its revolutionary airplane.
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